SB178DeadTaxation
lower a maximum limit on the tax increment base value.
This bill lowers the maximum limit on how much taxable property value can be included in tax increment financing districts from 10 percent to 2.5 percent of a political subdivision's total assessed property value. Tax increment financing districts are used by cities, towns, and counties to fund development projects, and this change makes it harder for them to create or expand these districts by significantly reducing the allowed property value threshold.